MANILA, Philippines — Increased enrollments this school year lifted the profits of Tanco-led STI Education Systems Holdings Inc. during the nine months of its fiscal year that ended in March 2024.
STI’s stock exchange filing on Tuesday showed that profits ballooned by 93 percent to a record P1.1 billion.
Revenues likewise jumped by 38 percent to P3.4 billion during the period.
“The increase was primarily driven by the 27-percent increase in the total number of students of the group for the school year 2023 to 2024,” said STI, which has 63 STI-branded colleges and education centers nationwide.
These are operated by STI Education Services Group Inc. and offer associate and baccalaureate degrees and technical-vocational programs.
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Its other schools include STI Western Negros University (WNU), which offers programs and courses from pre-elementary to graduate school in Bacolod City, and iACADEMY, which offers specialized programs in senior high school and college in Makati City.
According to STI, nearly 120,000 students enrolled in its schools in the current school year versus 94,312 enrollees last year.
Enrollment in programs regulated by the Commission on Higher Education rose by a quarter to around 83,000 students, STI said.
In the January to March period alone, STI’s net income surged by 63 percent to P600.3 million.
Gross revenues in the first three months of the year also swelled by 42 percent to P1.4 billion.
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STI announced in February that it would acquire the Manila and Quezon City campuses of the Philippine School of Business Administration to further expand its network.